Netflix shares surge 5% on Q4 subscriber beat, Reed Hastings steps down as co-CEO

Netflix shares surge 5% on Q4 subscriber beat, Reed Hastings steps down as co-CEO

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By Davit Kirakosyan

Netflix (NASDAQ:NFLX) shares surged virtually 5% after-hours because the firm’s world streaming paid salvage additions grew 7.66 million, smartly ahead of its 4.5M estimate, due to the every sturdy acquisition and retention, pushed primarily by the success of its Q4 shriek material slate.

EPS came in at $0.12, worse than the consensus estimate of $0.59, while earnings was once $7.85 billion (up 2% year-over-year), a runt bit higher than the consensus estimate of $7.84B.

The firm expects Q1 earnings of $8.172B (up 4% year-over-year), when put next to the consensus estimate of $8.15B. EPS is anticipated to be $2.82, when put next to the consensus estimate of $2.97.

The firm expects modest certain paid salvage adds in Q1/23, when put next to paid salvage adds of -0.2M in Q1/22. The less paid salvage adds in Q1/23 vs. Q4/22 is in line with long-established seasonality and components in the firm’s sturdy member development in Q4/22, which seemingly pulled forward some development from Q1/23.

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The firm expects to roll out paid sharing more broadly later in Q1/23, awaiting it to handbook to a truly different quarterly paid salvage adds pattern in 2023, with paid salvage adds more seemingly to be bigger in Q2/23 than in Q1/23.

The firm also presented that Reed Hastings stepped down as a co-CEO to rob on the role of executive chairman. Greg Peters has stepped up from COO to alter into Ted Sarandos’ co-CEO and a member of the Netflix board.

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